DETROIT, MI – Metro Detroit home values were up 13.6 percent year-over-year in December, according to the latest data from the S&P/Case-Shiller Home Price Indices, released Tuesday.

Greater Detroit was among nineteen of the 20 Metropolitan Statistical Areas that posted year-over-year growth on the index. The New York City area was the only MSA to post a decline, falling 0.5 percent.

Metro Detroit’s value metric used by S&P/Case-Shiller is still far below all other major metro areas at 80.04. The closest areas in terms of value rating were Atlanta at 95.95 and Cleveland at 100.56.

The indices have a base value of 100, which is how much homes in the area were worth in January 2000. That means if an MSA has a value of 150, its residential real estate values there have gone up 50 percent since January 2000, S&P/Case-Shiller explains. That also means that Metro Detroit’s housing stock is about 20 percent less valuable than it was 13 years ago, according to the index.

Among the top 20 MSAs on the index, Metro Detroit’s year-over-year rise in value was second only to the Phoenix area, which posted a 23.0 percent increase, and Greater San Francisco, which had a 14.4 percent climb.